Paperwork woes could lead to loan modifications, experts say

10/19/2010 | CNNMoney

Banks are dealing with issues related to foreclosure documentation, but despite what lawyers may tell struggling homeowners, the situation does not mean borrowers can stay in their houses for free. However, the foreclosure issues could prompt lenders to modify more mortgages, according to experts. Mortgage servicers have already modified about 1.3 million loans this year. Meanwhile, about 3.1 million home loans are in foreclosure, according to a report from Morgan Stanley.

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